|
Report Date : |
17.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. COLORPAK INDONESIA TBK |
|
|
|
|
Formerly Known As : |
PT. COLORPAK INDONESIA |
|
|
|
|
Registered Office : |
Jalan Cideng Barat No. 15 Jakarta Pusat, 10140 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
15.09.1988 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-19742 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Printing Ink Manufacturing, Trading & Distribution of BOPP, Pet Film, Adhesive & Plastic Resins |
|
|
|
|
No. of Employees : |
73 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew more than 6%
annually in 2010-12. The government made economic advances under the first
administration of President YUDHOYONO (2004-09), introducing significant
reforms in the financial sector, including tax and customs reforms, the use of
Treasury bills, and capital market development and supervision. During the
global financial crisis, Indonesia outperformed its regional neighbors and
joined China and India as the only G20 members posting growth in 2009. The
government has promoted fiscally conservative policies, resulting in a
debt-to-GDP ratio of less than 25%, a fiscal deficit below 3%, and historically
low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to
investment grade in December 2011. Indonesia still struggles with poverty and
unemployment, inadequate infrastructure, corruption, a complex regulatory
environment, and unequal resource distribution among regions. The government in
2013 faces the ongoing challenge of improving Indonesia''s insufficient
infrastructure to remove impediments to economic growth, labor unrest over
wages, and reducing its fuel subsidy program in the face of high oil prices.
Source
: CIA
P.T.
COLORPAK INDONESIA Tbk
Head Office
Jalan Cideng
Barat No. 15
Jakarta Pusat,
10140
Indonesia
Phones -
(62-21) 634 4646, 634 4647
Fax - (62-21) 633 6062
E-mail - marketing@colorpak.co.id
Building Area - 2 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Factory I
Jalan Industri II
Block F No. 7
Pasir Jaya -
Jatiuwung
Tangerang, 15135
Banten Province
Indonesia
Phones -
(62-21) 5901962 (Hunting)
Fax -
(62-21) 5901963
E-mail - marketing@colorpak.co.id
Website - http://www.colorpak.co.id
Land Area - 13,125 sq.
meters
Building Space - 8,500 sq. meters
Region - Industrial
Zone
Status - Owned
Factory II
Jalan Tambak
Sawah No. 3
Waru - Sidoarjo
Surabaya
East Java
Indonesia
Phones -
(62-31) 869 0650 (Hunting)
Fax - (62-31) 869 0651
Land Area - 12,009 sq.
meters
Building Space - 7,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
a. 15 September 1988 as PT. COLORPAK INDONESIA
b. 04 September 2001 as PT. COLORPAK INDONESIA
Tbk
Legal Form :
P.T. (Perseroan
Terbatas Terbuka) or Public Listed Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C2-10158.HT.01.01.TH.88
Dated 7 November 1988
- No. AHU-71015.AH.01.02.TH.2008
Dated 4 October 2008
- No. AHU-AH.01.10-19742
Dated 4 August 2010
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No. 01.061.759.5-054.000
The Capital Investment Coordinating Board
- No.
89/I/PMA/1988
Dated
22 August 1988
- No.
66/II/PMA/1991
Dated
29 May 1991
- No.
161/II/PMA/1995
Dated
14 August 1995
- No.
70/II/PMA/2002
Dated
17 April 2002
- No.
285/III/PMA/2004
Dated
29 March 2004
Related
Company :
A Member Company
of the COLORPAK Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
100,000,000,000.-
Issued Capital : Rp. 30,633,850,000.-
Paid up Capital : Rp. 30,633,850,000.-
Shareholders/Owners
:
a. DEUTSCHE Bank AG SG - Rp.
15,623,263,500.-
b. JP MORGAN BANK LUXEMBOURGE - Rp.
2,331,235,985.-
c. P.T. BUKIT
JAYA SEMESTA -
Rp. 2,205,637,200.-
d. Mr. Chandra Natalie Widjaja - Rp. 2,061,658,105.-
e. Publics each below 5% - Rp. 8,412,055,210.-
Lines of
Business :
a. Printing
Ink Manufacturing, Trading & Distribution of BOPP, Pet Film, Adhesive &
Plastic Resins
b. Investment Holding
Production
Capacity :
Printing Inks - 15,000
tons p.a.
Total
Investment :
a. Equity Capital - Rp. 30.6 billion
b. Reinvested Profit - Rp. 16.8 billion
c. Loan Capital - Rp.
3.5 billion
d. Total Investment - Rp. 50.9 billion
Started
Operation :
1989
Brand Name :
Colorpak
Indonesia
Technical
Assistance :
None
Number of
Employee :
73 persons
Marketing Area
:
Export -
80%
Local - 20%
Main Customer
:
Distributors and
Traders
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. CEMANI
TOKA
b. P.T. DIG
GRAPHICS
c. P.T. INKOTE
INDONESIA
d. P.T. SAKATA INX INDONESIA, Etc
Business Trend
:
Fluctuating
B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Menara BCA
Jalan M.H.
Thamrin No. 1
Jakarta Pusat
Indonesia
b. Hongkong and Shanghai Banking Corp. Ltd.
World Trade Centre
Jalan Jend. Sudirman Kav.
29-31
Jakarta
Selatan
Indonesia
c. Bangkok Bank
Ltd. (Jakarta Representative Office)
Wisma Bangkok
Bank
Jalan M.H.
Thamrin No. 3
Jakarta Pusat
Indonesia
Auditor :
KAP Purwanto, Suherman & Surja (Ernst & Young)
Litigation :
No litigation
record in our database
Annual Sales :
2010 – Rp. 516.6
billion
2010 – US$ 71.1
million
2011 – US$ 67.6
million
Net Profit :
2010 – Rp. 28.4
billion
2011 – US$ 3.1
million
2012 – US$ 3.5
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Santoso Jiemy
Directors -
a. Mr. Harris Pranatajaya
b. Mr. Ricky Edward Sondak, SH
c. Mr. Antoni Gunawan, ST
d. Mrs. Herlina Hatorangan, SE
Board of Commissioners :
President Commissioner -
Mr. Winardi Pranatajaya
Commissioners -
a. Mrs. Tjia Hwie Tjin
b. Mr. Johanes Susilo
Signatories :
President Director (Mr.
Santoso Jiemy) or one of the Directors (Mr. Harris Pranatajaya, Mr. Ricky
Edward Sondak,, Mr. Antoni Gunawan or Mrs. Herlina Hatorangan) which must be
approved by Board of Commissioner.
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Initially named P.T. COLORPAK
INDONESIA, it was established in September 1988 with the authorized capital of
US$ 400,000 entirely issued and paid up. The founding shareholders of the
company are P.T. BUKIT JAYA SEMESTA, COLORPAK INVESTMENT Pty. Ltd of Australia
and GRAPHIC TECHNOLOGIES INTERNATIONAL Ltd of Singapore. The articles of
association of the company have frequently been revised. In August 1992, both
foreign partners above withdrew and replaced by CRENDWELL Pte., Ltd of
Singapore. In September 2001, the authorized capital was raised to Rp.
100,000,000,000 of which Rp. 30,470,000,000 was issued and fully paid up and
concurrently the company went public by selling a part of its shares to the
publics and its name was changed to P.T. COLORPAK INDONESIA Tbk (P.T. CLPI). In
June 2005, the issued capital was increased to Rp. 30,633,850,000 fully paid
up. Then in July 2010 the board of directors and the board of commissioners had
been changed. The latest revision of notary documents was approved by the
Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-19742
dated July 27, 2010. Then according to financial highlight 31 March 2013 the
composition of its shareholders has been changed to become DEUTSCHE Bank AG SG
(51.00%), JP MORGAN Bank Luxemburg (7.61%), P.T. BUKIT JAYA SEMESTA (7.20%),
Mr. Chandra Natalie Widjaja (6.73%) and Public (27.46%).
We observe the majority
shareholder P.T. BUKIT JAYA SEMESTA is a private company of which the majority
shares are controlled by Mr. Winardi Pranatajaya (56). He also business stakes
owner of the COLORPAK Group, a small size group in Indonesia.
P.T. CLPI was
established in the frame work of Foreign Investment (PMA) company facility to
deal with printing ink manufacturing. The plant has been in operation since
1989 dealing with printing ink industry, trading and distribution of BOPP, pet
film, adhesive and plastic resins. Its plant is located at Jalan Industri II
Block F No. 7, Pasir Jaya, Jatiuwung, Tangerang, Banten Province on a land of
1.0 hectare. The plant has annual production capacity of 6,000 tons of gravure
printing ink and coating printing ink. Basic materials being used by the
company is partly imported and some others come from local products. In 2001,
the company has registered all its shares in the Jakarta Stock Exchange with
trade code CLPI, so therefore as a Public Company the existing requirements
have become higher, P.T. CLPI consistently prioritize quality and prime
services and always develop ourselves in all fields to be the best in serving
their client.
P.T. CLPI is an
Indonesia-based company engaged in the manufacture of ink and coatings, as well
as trading of film, adhesives and resins. It offers ink for flexible packaging
and cigarette packaging, environmental friendly ink and polyvinyl chloride
(PVC) leather coating. Its film products include biaxially-oriented
polypropylene (BOPP), polyethylene terephthalate (PET), nylon and metallized
polyethylene terephthalate (MPET), among others. P.T. CLPI’s products are
distributed within the domestic market and to Australia and China. The Company
operates a manufacturing facility in Tangerang with an annual production
capacity of 15,000 metric tons. During the year ended December 31, 2009, P.T.
CLPI sold 7,144 tons of ink products. In 2009, P.T. CLPI also sold 655 tons,
9,930 tons, 978 tons and 723 tons of coatings, films, adhesives and resins,
respectively.
P.T. CLPI
products are:
§
Ink
Colorpak Indonesia presently manufactures all types
of liquid inks (Gravure/Flexo). They were launched NEW UNICOM which is a
Polyurethane base ink (A Elastomeric technology) along with ULTIMA a alcohol
base lamination ink for OPP & Polyester. In addition to this we manufacture
LAMIOP for opp extrusion, ALPHA for surface printing, HUNTER for foil, paper
& board, ROTO SHRINK for PVC shrink sleaves. A part from this CLPI
manufacture tailor made inks and coating, depend up on customers specific
requirement.
§
Film & Adhesive
Colorpak Indonesia concerns about consumer’s
increasing needs for raw material of FILM that is important in
rotogravure industry and Colorpak Indonesia is willing to fulfill those needs.
Colorpak Indonesia therefore in early of 2004 starts to develop an enterprise
for raw material of FILM supply, such as BOPP FILM, PET FILM, and Nylon Film.
And to promote service to consumers, in mid-term of 2004, Colorpak Indonesia in
a joint project with NOVACOTE Flexpack – division of COIM start to develop
adhesive supply for dry lamination and solvent free lamination, also PE
Extrusion Primer for rotogravure industry and various coating and adhesive for
other application.
Mrs. Lusi, a
staff of the company, said that some 80% of the company products locally
marketed and the rest of 20% is exported to Australia, China and other
countries. P.T. CLPI products include: Manufacture of Ink for Flexible
packaging & Cigarette packaging; Environmental friendly ink; PVC leather
coating. Besides, P.T. CLPI is also engaged in trading of Film (BOPP, PET,
NYLON, MPET, etc.); Adhesive (Solvent Base, Solvent Less, etc.) and Plastic
Resin. P.T. CLPI market is distributed in DKI Jakarta, Banten, West Java,
Central Java, East Java, Medan. P.T. CLPI is consistently targeting other
potential markets both domestic and also in the Asia Pacific region, according
to the vision of the company. P.T. CLPI customers are INDOFOOD Group, P.T.
NESTLE INDONESIA, P.T. UNILEVER INDONESIA Tbk, P.T. INDONESIA PRINTER and
others.
Besides, P.T.
CLPI is also engaged in investment holding by controls of 99.9% shares of P.T.
COLORPAK FLEXIBLE INDONEISA which established in May 2010, to handle film
trading business. P.T. CLPI is classified as a medium sized company of its kind
in the country of which the operation has been fluctuating in the last five
years.
We note that
generally the printing ink processing industry in Indonesia has kept on
increasing in line with developing of industrial manufacturing in the country
as customers. Later since the global economic crisis in October 2008 the
printing ink industry has been decreased. Later since the early 2009 the demand
of printing ink has been increasing do the amelioration economic condition in
the country. Meanwhile, the above trade is heavily competitive with some 11
companies now active in the same business line in the country and with imported
products being also widely available in the domestic market. The development of
the printing ink industry is shown by the data on the industry's production and
utilization below.
Development of Printing Ink
Capacity, Production and
Utilization Rate in Indonesia, 2009-2012
|
|
2009 |
2010 |
2011 |
2012 |
|
Capacity (tons) |
50,220 |
50,220 |
50,220 |
50,220 |
|
Production
(tons) |
36,209 |
37,295 |
38,180 |
39,250 |
|
Utility (%) |
72.10 |
74.26 |
76.02 |
78.16 |
Source: The Department of Industry
and Trade
According to the
financial statement of the company having been audited by public accountant, sales
turnover of P.T. CLPI in 2008 amounted to Rp. 504.7 billion with a net profit
of Rp. 20.1 billion declining to Rp. 447.9 billion with a net profit of Rp.
30.9 billion in 2009 and to Rp. 516.6 billion with a net profit of Rp. 28.4
billion in 2010. As per 30 September 2011 the sales revenue was amounted at Rp.
501.6 billion with a net profit of at least Rp. 29.0 billion. We estimated the
sales turnover will be higher by at least 5% in 2012. Based on information
obtained from some customers, the payment habit of the company is smooth
ranging from 1 to 3 months. So
far, we did not heard that the company having been black listed by the Central
Bank (Bank Indonesia). The condense financial statement is shown.
|
Descriptions |
31 December (US$)
|
31 December (US$)
|
31 December (Million Rupiah) |
|
|
2012 |
2011 |
2010 |
2009 |
|
|
A. ASSETS |
|
|
|
|
|
a. Current Assets |
36,466,227 |
33,707,746 |
227,819 |
185,437 |
|
b. Non Current Assets |
8,949,714 |
8,526,428 |
47,571 |
33,762 |
|
c. Other Assets |
- |
- |
2,580 |
2,035 |
|
TOTAL ASSETS = TOTAL LIABILITIES & EQUITY |
45,418,941 |
42,234,174 |
275,391 |
219,199 |
|
B. LIABILITIES
&STOCKHOLDERS EQUITY |
|
|
|
|
|
a. Current Liabilities |
22,726,939 |
21,393,011 |
123,450 |
96,911 |
|
b. Non Current Liabilities |
2,151,498 |
2,905,897 |
17,429 |
8,978 |
|
c. Stockholders Equity : -
Paid Up Capital -
Additional Paid Up Capital -
Retained Earnings Total Stock holders
Equity |
2,939,052 374,937 17,229,802 20,540,504 |
2,939,052 374,937 14,619,557 17,935,266 |
30,634 3,879 99,985 134,499 |
30,634 3,879 80,796 115,309 |
|
C. INCOME STATEMENT |
|
|
|
|
|
a. Sales Net |
67,603,654 |
71,128,235 |
516,582 |
447,956 |
|
b. Operating Profit |
5,621,830 |
4,900,509 |
39,295 |
45,580 |
|
c. Net Profit (loss) |
3,480,029 |
3,103,511 |
28,441 |
30,909 |
Notes: 31 December 2008, 2009,
2010 by KAP Tjahjadi, Pradhono & Teramihardja;
31December 2011 &
2012 by KAP Purwanto, Suherman & Surya (Ernst & Young)
The management
of P.T. CLPI is led by Mr. Santoso Jiemy (53) a professional manager with experience
in printing ink manufacturing and trading. He joined the company since October
1988 as Director, in August 2001 promoted to President Director. Studied and
graduated from University of Missouri, Columbia, USA with a Master of Science
in Electrical Engineering in 1984. He was previously employed as System
Engineering in PT. Metrodata Indonesia (1985-1988). However the prime mover of
the company is Mr. Winardi Pranatajaya (57) as President Commissioner.
Mr. Winardi
Pranatajaya held the position of President Commissioner since 1988. He graduate
from University of New South Wales, Australia and 1981 MBA holder. He is also
President Commissioner of P.T. Bumimulia Indah Lestari since 1995; President
Commissioner P.T. Securindo Packtama Indonesia (1992); President Director P.T.
Bukit Jaya Semesta since 1995. The company's management is handled by
professional staff in the above business. They have wide relations with private
businessmen within and outside the country. So far, we did not hear that the management
of the company being filed to the district court for detrimental cases or
involved in any business malpractices. The company’s litigation record is clean
and it has not registered with the black list of Bank of Indonesia. P.T.
COLORPAK INDONESIA Tbk is sufficiently fairly good for business transaction.
Attachment:
See List of
the COLORPAK Group Members
1.
BIGY
CEMERLANG, P.T. (Plastic Wares and Plastic Bottles Manufacturing)
2.
BUKIT
JAYA SEMESTA, P.T. (Investment Holding)
3.
BUKIMEGA
MASABADI, P.T. (Trading and Distribution of Plastic Granular)
4.
BUMIMULIA
INDAH LESTARI, P.T. (Plastic Product Manufacturing)
5.
COLORPAK
INDONESIA Tbk, P.T. (Printing Ink Manufacturing and Investment Holding)
6.
COLORPAK
FLEXIBLE INDONESIA, P.T. (Trading and Distribution of Pet Film)
7.
INDONESIA
TAROKO TEXTILE, P.T. (Textile Mills)
8.
SARANA
UPAYA DIVERSA, P.T. (Investment Holding)
9.
MUSTIKA
LANGGENG PLASTIK, P.T. (Plastic Goods Manufacturing)
10.
SECURE
PRIMA ADS, P.T. (Trading and Distribution of Secure Parking Equipment)
11.
SECURINDO
PACKATAMA INDONESIA, P.T. (Secure Parking Management Services and Investment
Holding)
12.
STEP
UP SOLUSI INDONESIA, P.T. (General Trading)
13.
Etc.
* * *
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.39 |
|
|
1 |
Rs.89.89 |
|
Euro |
1 |
Rs.77.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.